Revenue from property registrations takes a hit in Visakhapatnam

VISAKHAPATNAM: Revenue from property registrations came down during the first five months of the current financial year in the eight sub-registrar offices of Visakhapatnam district.

Official records show that revenue declined by 7.47% between April and August this year as compared to the corresponding period of 2015. While the revenue generated from Visakhapatnam was Rs 192.07 crore during April-August last year, it came down to Rs 175.52 crore this fiscal.

Incidentally, the target set for the registration and stamps department for the period April-August 2016 is Rs 251.90 crore. However, the department realised only 69.68 per cent of the target.

While Visakhapatnam city, Gopalapatnam, Pendurthi, Anandapuram and Dwarakanagar recorded a decline in revenue, Gajuwaka, Bheemili and Madhurawada saw an increase.

Revenue from property registrations zoomed by around 22.35 per cent in Gajuwaka raking in Rs 22.02 crore during the current year as against Rs 18.09 crore during the corresponding period of the previous year. Also, Gajuwaka achieved the highest percentage of 82.19 per cent collection among all the eight sub-registrar offices.

"People are interested in purchasing property. But the realty prices along the northern stretch surrounding Madhurawada and Anandapuram have doubled. The basic amenities however, have not improved. There are no proper roads, hospitals or markets. Hence, the drop in registrations," said a property developer.

Another developer said, "Earlier, we used to get enquiries from many people from neighbouring districts. But, now even though some of them are willing to buy, the return on investment - especially for apartments - is not too encouraging." However, he added, "People are also waiting for an auspicious time. We hope the registrations will go up in the future".